One of our currently available suites
{ 0 comments }
Posts tagged as:
Vancouver
Our market is still strong and we are getting calls all the time for people wanting to buy. Here is a link to the latest CMHC report on the national rental vacancy rate: http://www.cmhc.ca/en/corp/nero/nere/2009/2009-12-16-0815.cfm
{ 0 comments }
A picture from the Vancouver Lantern Festival on Solstice, taken at Dr. Sun Yat Sen Gardens in Chinatown
{ 0 comments }
A familiar sight in Vancouver: Fishing boats docked at night
Image by The Last Minute
{ 0 comments }
We have had some spectacular sunrises and sunsets in Vancouver these last few days. This here is a view of the harbour and what looks like Washington's Mt. Baker in the background
Image by keep it surreal
{ 0 comments }
Vancouver's Lion's Gate Bridge, seen from Stanley Park on a winter night
{ 0 comments }
Be Aware, Cautious and Prepared
You have just purchased a home in Vancouver and intend to live in it once the deal is completed. In the eyes of the BC Residential Tenancy Act, you become an “owner-occupier” and if this home is currently occupied by a renter you are entitled to end the tenancy. There are some things you should know about the procedure.
When an owner-occupier purchases, she must send a letter to the current landlord, on or before the effective date of the notice. The landlord (or the new owner-occupier) is required to pay the current tenant one month’s rent, plus give 60 days notice, served by the end of month.
In this situation, upon receiving this notice, the tenant, on the other hand, only has to give 10 days notice before ending the tenancy.
Often it becomes a negotiation point at the time of sale, deciding who should pay that one month’s rent – the new owner-occupier, or the seller.
There can be a downside to all this for landlords. If you are counting on the rent, and, say, the deal closes August 1, you will need to request in writing to the current owner to serve notice. However, if the tenant immediately after receiving this notice, gives 10 days notice and leaves after the 10th day of the month, the result to you would be a loss of revenue, in addition to the one month rent penalty.
In the light of this potential loss of revenue, landlords need to be aware, cautious, and prepared.
At Downtown Suites, we assist owners in understanding and preparing for all situations related to their property and the BC Residential Tenancy Act.
(This is an important Evergreen Resource article, revisited from our archives.)
{ 0 comments }
Nicholas Meyer of Downtown Suites outlines company policy regarding tenants subletting during the Olympics.
{ 0 comments }
Many owners of investment property may be unaware of the ins and outs of the new BC Residential Tenancy Act, which has been recently updated. If your suite is currently rented to a tenant, this information should help you understand the tenant rights written into the current legislation.
The new rules for residential tenancy apply to the many suites here in Vancouver that are held as investments and currently occupied by tenants. When owners wish to sell the suite, they find that tenants are not simply expendable, to be evicted upon sale of the suite.
Here in BC, tenants have many rights, upheld by law. It may come as a surprise to owners to discover that when tenants are in a lease situation, that lease takes precendence over the sale. Unlike other countries, an owner here cannot evict a tenant for the purposes of selling. In fact, it is only if the new owner wishes to live in the suite that a tenant may be evicted. This new owner is referred to as an “owner-occupier”.
This is important legislation. At Downtown Suites, we help the owners understand the ramifications of this legislation when they decide to sell their investment property.
(This is an important Evergreen Resource article, revisited from our archives.)
{ 0 comments }
